The director of a company, who only has indicators of profit and overall profitability before his eyes, cannot always understand how to adjust them in the right direction. In order to have all the control levers in your hands, it is absolutely necessary to calculate the turnover of working capital.
The picture of the use of working capital consists of four main indicators:

• Duration of turnover (determined in days);
• How many times do working capital turn over in the reporting period;
• How much working capital is there per unit? products sold;
• Load factor of funds in circulation.

Let's look at the calculation of this data using an example ordinary enterprise, as well as the calculation of a number of important coefficients for understanding the importance of turnover indicators in the overall picture of the company’s success.

Turnover ratio

The main formula determining the rate of turnover of working capital is as follows:

Cob is the turnover ratio. It shows how many turnovers of working capital were made during a specific period of time. Other designations in this formula: Vp - volume of product sales for reporting period;
Osr is the average balance of working capital for the reporting period.
Most often, the indicator is calculated for the year, but absolutely any period needed for analysis can be selected. This coefficient is the rate of turnover of working capital. For example, the annual turnover of a mini store mobile phones amounted to 4,800,000 rubles. The average balance in circulation was RUB 357,600. We get the turnover ratio:
4800000 / 357600 = 13.4 revolutions.

Duration of turnover

It also matters how many days one revolution lasts. This is one of the most important indicators, which shows how many days later the company will see the funds invested in turnover in the form of cash proceeds and will be able to use them. Based on this, you can plan both making payments and expanding your turnover. The duration is calculated as follows:

T is the number of days in the analyzed period.
Let's calculate this indicator for the above digital example. Since the company is a trading company, it has a minimum number of days off - 5 days a year; for the calculation we use the figure of 360 working days.
Let's calculate how many days later the company could see the money invested in turnover in the form of revenue:
357,600 x 360 / 4,800,000 = 27 days.
As you can see, the turnover of funds is short; the management of the enterprise can plan payments and use of funds to expand trade almost monthly.
To calculate the turnover of working capital, the profitability indicator is also important. To calculate it, you need to calculate the ratio of profit to the average annual balance of working capital.
The enterprise's profit for the analyzed year amounted to 1,640,000 rubles, the average annual balance was 34,080,000 rubles. Accordingly, the profitability of working capital in this example is only 5%.

Load factor of funds in circulation

And one more indicator necessary to assess the speed of turnover of working capital is the load factor of funds in circulation. The coefficient shows how much working capital is advanced per 1 ruble. revenue. This is the working capital intensity, which shows how much working capital must be spent for the company to receive 1 ruble of revenue. It is calculated like this:

Where Kz is the load factor of funds in circulation, kopecks;
100 - conversion of rubles to kopecks.
This is the opposite of the turnover ratio. The smaller it is, the better the use of working capital. In our case, this coefficient is equal to:
(357,600 / 4,800,000) x 100 = 7.45 kopecks.
This indicator is an important confirmation that working capital is used very rationally. The calculation of all these indicators is mandatory for an enterprise that seeks to influence operational efficiency using all possible economic levers.
In Forecast NOW! can be calculated

• Turnover in monetary and natural units, both for a specific product and for a group of products, and by section - for example, by suppliers
• Dynamics of changes in turnover in any necessary sections

An example of calculating the turnover rate by product group:

Assessing the dynamics of changes in turnover by product/group of products is also very important. In this case, it is important to correlate the turnover schedule with the service level schedule (how much we satisfied consumer demand in the previous period).
For example, if turnover and the level of service are declining, then this is an unhealthy situation - you need to study this group of products more carefully.
If turnover increases, but the level of service decreases, then the increase in turnover is most likely due to smaller purchases and an increase in shortages. The opposite situation is also possible - turnover decreases, but in this calculation the level of service - customer demand is ensured by large purchases of goods.
In these two situations, it is necessary to evaluate the dynamics of profit and profitability - if these indicators grow, then the changes taking place are beneficial for the company; if they fall, it is necessary to take action.
In Forecast NOW! It’s easy to assess the dynamics of turnover, level of service, profit and profitability - just carry out the necessary analysis.
Example:

Since August, there has been an increase in turnover with a decrease in the level of service - it is necessary to evaluate the dynamics of profitability and profit:

Profitability and profit have been falling since August, we can conclude that the dynamics of changes are negative

Working capital is a collection cash, advanced for the creation of circulating production assets and circulation funds, ensuring the continuity of the company.

Composition and classification of working capital

Revolving funds- these are assets that, as a result of its economic activity completely transfer their value to the finished product, take a one-time part in the process, changing or losing their natural material form.

Negotiable production assets enter production in their natural form and are entirely consumed during the production process. They transfer their cost completely to the product they create.

Circulation funds associated with servicing the process of circulation of goods. They do not participate in the formation of value, but are its carriers. After completion, production finished products and its implementation, the cost of working capital is reimbursed as part of (works, services). This creates the possibility of systematically resuming the production process, which is carried out through the continuous circulation of enterprise funds.

Structure of working capital- this is the ratio between the individual elements of working capital, expressed as a percentage. The difference in the structures of working capital of companies is determined by many factors, in particular, the characteristics of the organization’s activities, business conditions, supply and sales, location of suppliers and consumers, and the structure of production costs.

Working production assets include:

• (raw materials, basic materials and purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.);
• with a service life of no more than one year or a value of no more than 100 times (for budgetary organizations- 50 times) installed minimum size wages per month (low-value wearable items and tools);
• work in progress and semi-finished products of own production (objects of labor that have entered into production process: materials, parts, assemblies and products that are in the process of processing or assembly, as well as semi-finished products of our own production, not completely completed by production in some workshops of the enterprise and subject to further processing in other workshops of the same enterprise);
• deferred expenses(immaterial elements of working capital, including costs for the preparation and development of new products that are produced in a given period, but are allocated to products of a future period; for example, costs for the design and development of technology for new types of products, for the rearrangement of equipment).

Circulation funds

Circulation funds— enterprise funds operating in the sphere of circulation; an integral part of working capital.

Circulation funds include:

• enterprise funds invested in finished product inventories, goods shipped but not paid for;
• funds in settlements;
• cash in hand and in accounts.

The amount of working capital employed in production is determined mainly by the duration of production cycles for the manufacture of products, the level of technical development, the perfection of technology and labor organization. The amount of circulating media depends mainly on the conditions for the sale of products and the level of organization of the supply and marketing system.

Working capital is the more mobile part.

In every Circulation of working capital goes through three stages: monetary, production and commodity.

To ensure an uninterrupted process at the enterprise, working capital or material assets, awaiting their further industrial or personal consumption. Inventories are the least liquid item among the items of current assets. The following methods of inventory valuation are used: for each unit of purchased goods; by average cost, in particular, by weighted average cost, moving average; at the cost of the first purchases; at the cost of the most recent purchases. The unit of accounting for working capital as a material inventories a party, a homogeneous group, a nomenclature number perform.

Depending on their purpose, inventories are divided into production and commodity. Depending on the functions of use, stocks can be current, preparatory, insurance or warranty, seasonal and carryover.

• Safety stocks- a reserve of resources intended for uninterrupted supply of production and consumption in cases of reduction in supplies compared to those provided.
• Current stocks— stocks of raw materials, materials and resources to meet the current needs of the enterprise.
• Preparatory supplies- Cycle-dependent inventories are required if raw materials must undergo any processing.
• Carryover stocks- part of unused current inventories that are carried over to the next period.

Working capital is located simultaneously at all stages and in all forms of production, which ensures its continuity and uninterrupted operation of the enterprise. Rhythm, coherence and high performance largely depend on optimal amounts of working capital(working production assets and circulation funds). Therefore, the process of rationing working capital, which relates to current financial planning at the enterprise, is of great importance. Rationing working capital is the basis for rational use household assets companies. It consists in developing reasonable norms and standards for their consumption, necessary to create constant minimum reserves and for the uninterrupted operation of the enterprise.

The working capital standard establishes the minimum estimated amount that is constantly required by the enterprise to operate. Failure to fill the working capital standard may lead to a reduction in production and failure to fulfill the production program due to interruptions in production and sales of products.

Standardized working capital— the size of inventories, work in progress and balances of finished products in warehouses planned by the enterprise. Working capital stock norm is the time (days) during which OBS are in production inventory. It consists of the following stocks: transport, preparatory, current, insurance and technological. Working capital standard - minimum amount working capital, including cash, necessary for the company, a firm to create or maintain carryover inventory and ensure continuity of operations.

Sources for the formation of working capital can be profit, loans (bank and commercial, i.e. deferred payment), share (authorized) capital, share contributions, budget funds, redistributed resources (insurance, vertical management structures), accounts payable, etc.

The efficiency of using working capital affects financial results activities of the enterprise. When analyzing it, the following indicators are used: the availability of own working capital, the ratio between own and borrowed resources, the solvency of the enterprise, its liquidity, turnover of working capital, etc. Turnover of working capital is understood as the duration of the sequential passage of funds through individual stages of production and circulation.

The following indicators of working capital turnover are distinguished:

• turnover ratio;
• duration of one revolution;
• working capital load factor.

Funds turnover ratio(turnover speed) characterizes the amount of revenue from sales of products by the average cost of working capital. Duration of one revolution in days is equal to the quotient of dividing the number of days for the analyzed period (30, 90, 360) by the turnover of working capital. The reciprocal of the turnover rate shows the amount of working capital advanced per 1 ruble. revenue from product sales. This ratio characterizes the degree of utilization of funds in circulation and is called working capital load factor. The lower the working capital load factor, the more efficiently working capital is used.

The main goal of managing enterprise assets, including working capital, is to maximize profit on invested capital while ensuring stable and sufficient solvency of the enterprise. To ensure sustainable solvency, the enterprise must always have a certain amount of money in its account, which is actually withdrawn from circulation for current payments. Part of the funds should be placed in the form of highly liquid assets. An important task in terms of managing working capital of an enterprise is to ensure an optimal balance between solvency and profitability by maintaining the appropriate size and structure of current assets. It is also necessary to maintain an optimal ratio of own and borrowed working capital, since this directly affects financial stability and independence of the enterprise, the possibility of obtaining new loans.

Analysis of working capital turnover (analysis of the organization’s business activity)

Working capital- these are funds advanced by organizations to maintain the continuity of the production and circulation process and returned as part of the proceeds from the sale of products in the same in cash, from which they began their movement.

To assess the efficiency of using working capital, working capital turnover indicators are used. The main ones are the following:

• average duration of one revolution in days;
• the number (number) of turnovers made by working capital during a certain period of time (year, half-year, quarter), otherwise - the turnover ratio;
• the amount of employed working capital per 1 ruble of products sold (working capital load factor).

If working capital goes through all stages of the circulation, for example, in 50 days, then the first turnover indicator (the average duration of one turnover in days) will be 50 days. This indicator approximately characterizes the average time that passes from the moment of purchasing materials to the moment of sale of products made from these materials. This indicator can be determined using the following formula:

• P is the average duration of one revolution in days;
• SO - average balance of working capital for the reporting period;
• P - sales of products for this period (less value added tax and excise taxes);
• B is the number of days in the reporting period (in a year - 360, in a quarter - 90, in a month - 30).

So, the average duration of one turnover in days is calculated as the ratio of the average balance of working capital to the one-day turnover of product sales.

The average duration of one turnover in days can be calculated in another way, as the ratio of the number of calendar days in the reporting period to the number of turnovers made by working capital during this period, i.e. according to the formula: P = V/CHO, where CHO is the number of turnovers made by working capital during the reporting period.

Second turnover indicator- the number of turnovers made by working capital during the reporting period (turnover ratio) - can also be obtained in two ways:

• as the ratio of product sales minus value added tax and excise taxes to the average balance of working capital, i.e. according to the formula: NOR = R/SO;
• as the ratio of the number of days in the reporting period to the average duration of one revolution in days, i.e. according to the formula: NOR = W/P .

The third indicator of turnover (the amount of employed working capital per 1 ruble of sold products or otherwise - the working capital load factor) is determined in one way as the ratio of the average balance of working capital to the turnover of product sales for a given period, i.e. according to the formula: CO/R.

This figure is expressed in kopecks. It gives an idea of ​​how many kopecks of working capital are spent to obtain each ruble of revenue from product sales.

The most common is the first turnover indicator, i.e. average duration of one revolution in days.

Most often, turnover is calculated per year.

During the analysis, the actual turnover is compared with the turnover for the previous reporting period, and for those types of current assets for which the organization sets standards - also with the planned turnover. As a result of this comparison, the magnitude of the acceleration or deceleration of turnover is determined.

The initial data for the analysis are presented in the following table:

In the analyzed organization, turnover slowed down, both for standardized and non-standardized working capital. This indicates a deterioration in the use of working capital.

When the turnover of working capital slows down, there is an additional attraction (involvement) of them into circulation, and when it accelerates, working capital is released from circulation. The amount of working capital released as a result of the acceleration of turnover or additionally attracted as a result of its slowdown is determined as the product of the number of days by which turnover accelerated or slowed down by the actual one-day sales turnover.

The economic effect of accelerating turnover is that an organization can produce more products with the same amount of working capital, or produce the same volume of products with a smaller amount of working capital.

Accelerating the turnover of working capital is achieved by introducing into production new technology, progressive technological processes, mechanization and automation of production. These measures help reduce the duration of the production cycle, as well as increase the volume of production and sales of products.

In addition, to accelerate turnover, the following are important: rational organization of logistics and sales of finished products, adherence to savings in the costs of production and sales of products, the use of forms of non-cash payments for products that help speed up payments, etc.

Directly when analyzing the current activities of an organization, the following reserves for accelerating the turnover of working capital can be identified, which consist in eliminating:

• excess inventories: 608 thousand rubles;
• goods shipped but not paid for on time by buyers: 56 thousand rubles;
• goods in safe custody from buyers: 7 thousand rubles;
• immobilization of working capital: 124 thousand rubles.

Total reserves: 795 thousand rubles.

As we have already established, the one-day sales turnover in this organization is 64.1 thousand rubles. So, the organization has the opportunity to accelerate the turnover of working capital by 795: 64.1 = 12.4 days.

To study the reasons for changes in the rate of turnover of funds, it is advisable, in addition to the considered indicators of general turnover, to also calculate indicators of private turnover. They relate to certain types of current assets and give an idea of ​​the time spent by working capital at various stages of their circulation. These indicators are calculated in the same way as inventories in days, but instead of the balance (inventory) on a certain date, the average balance of a given type of current asset is taken here.

Private turnover shows how many days on average working capital remains at a given stage of the circulation. For example, if the private turnover of raw materials and basic materials is 10 days, this means that on average 10 days pass from the moment the materials arrive at the organization’s warehouse to the moment they are used in production.

As a result of summing up private turnover indicators, we will not get an overall turnover indicator, since different denominators (turnovers) are taken to determine private turnover indicators. The relationship between the indicators of private and general turnover can be expressed by the terms of total turnover. These indicators make it possible to establish what impact the turnover of individual types of working capital has on the overall turnover indicator. The components of total turnover are defined as the ratio of the average balance of a given type of working capital (assets) to the one-day turnover of product sales. For example, the term for the total turnover of raw materials and basic materials is equal to:

The average balance of raw materials and basic materials is divided by the daily turnover of product sales (less value added tax and excise taxes).

If this indicator is, for example, 8 days, then this means that the total turnover due to raw materials and basic materials accounts for 8 days. If you sum up all the components of the total turnover, the result will be an indicator of the total turnover of all working capital in days.

In addition to those discussed, other turnover indicators are also calculated. Thus, the inventory turnover indicator is used in analytical practice. The number of turnovers made by inventories for a given period is calculated using the following formula:

Works and services (minus and) are divided by the average value under the item “Inventories” of the second asset section of the balance sheet.

Acceleration of inventory turnover indicates an increase in the efficiency of inventory management, and a slowdown in inventory turnover indicates their accumulation in excessive amounts, ineffective inventory management. Indicators are also determined that reflect the turnover of capital, that is, the sources of formation of the organization’s property. So, for example, turnover equity, is calculated using the following formula:

Product sales turnover for the year (minus value added tax and excise taxes) is divided by the average annual cost of equity capital.

This formula expresses the efficiency of using equity capital (authorized, additional, reserve capital, etc.). It gives an idea of ​​the number of revolutions made own sources activities of the organization for the year.

Turnover invested capital This is the turnover of product sales for the year (minus value added tax and excise taxes) divided by the average annual cost of equity capital and long-term liabilities.

This indicator characterizes the efficiency of using funds invested in the development of the organization. It reflects the number of revolutions made by all long-term sources within a year.

When analyzing the financial condition and use of working capital, it is necessary to find out from what sources the financial difficulties of the enterprise are compensated. If assets are covered by sustainable sources of funds, then financial condition the organization will be sustainable not only at this reporting date, but also in the near future. Sustainable sources should be considered own working capital in sufficient amounts, non-declining balances of carry-over debt to suppliers on accepted payment documents, the payment terms of which have not arrived, constantly carry-over debt on payments to the budget, non-declining part of other accounts payable, unused balances of special-purpose funds (accumulation and consumption funds, as well as the social sphere), unused balances of targeted financing funds, etc.

If the organization’s financial breakthroughs are covered by unstable sources of funds, it is solvent at the reporting date and may even have free funds in bank accounts, but in the near future it will face financial difficulties. Unstable sources include sources of working capital that are available on the 1st day of the period (the date of drawing up the balance sheet), but are absent on dates within this period: non-overdue debt on wages, deductions for off-budget funds(above certain sustainable amounts), unsecured debt to banks for loans against inventory items, debt to suppliers for accepted payment documents, the payment terms of which have not arrived, in excess of amounts attributed to sustainable sources, as well as debt to suppliers for uninvoiced deliveries, arrears of payments to the budget in excess of the amounts attributed to sustainable sources of funds.

It is necessary to make a final calculation of financial breakthroughs (i.e., unjustified spending of funds) and sources of covering these breakthroughs.

The analysis ends with a general assessment of the financial condition of the organization and the drawing up of an action plan to mobilize reserves to accelerate the turnover of working capital and increase liquidity and strengthen the solvency of the organization. First of all, it is necessary to assess the organization’s provision with its own working capital, their safety and use for their intended purpose. Then an assessment is made of compliance with financial discipline, solvency and liquidity of the organization, as well as the completeness of use and security bank loans and loans from other organizations. Events are planned for more effective use both equity and debt capital.

The analyzed organization has a reserve for accelerating the turnover of working capital for 12.4 days (this reserve is noted in this paragraph). To mobilize this reserve, it is necessary to eliminate the reasons causing the accumulation of excess reserves of raw materials, basic materials, spare parts, other inventories and work in progress.

In addition, it should be ensured intended use working capital, preventing their immobilization. Finally, receiving payments from buyers for goods shipped to them that were not paid for on time, as well as the sale of goods held in custody by buyers due to refusal to pay, will also speed up the turnover of working capital.

All this will help strengthen the financial condition of the analyzed organization.

Indicators of the availability and use of working capital

Working capital is consumed in one production cycle, materially enters the product and completely transfers its value to it.

The availability of working capital is calculated both on a specific date and on average for the period.

Indicators of the movement of working capital characterize its changes during the year - replenishment and disposal.

Working capital turnover ratio

It is the ratio of the cost of products sold for a given period to the average balance of working capital for the same period:

To turnover= Cost of products sold for the period / Average balance of working capital for the period

The turnover ratio shows how many times the average balance of working capital was turned over for the period under review. By economic content equivalent to the capital productivity indicator.

Average turnover time

Determined from the turnover ratio and the analyzed time period

Average duration of one revolution= Duration of the measurement period for which the indicator is determined / Working capital turnover ratio

Working capital consolidation ratio

The value is inversely proportional to the turnover ratio:

To fastening= 1 / To turnover

Consolidation ratio = average working capital balance for the period / cost of goods sold for the same period

In terms of economic content, it is equivalent to the capital intensity indicator. The consolidation coefficient characterizes the average cost of working capital per 1 ruble of sales volume.

Working capital requirement

The enterprise's need for working capital is calculated based on the coefficient of fixation of working capital and the planned volume of product sales by multiplying these indicators.

Provision of production with working capital

It is calculated as the ratio of the actual working capital stock to the average daily consumption or average daily need for it.

Accelerating the turnover of working capital helps to increase the efficiency of the enterprise.

Task

According to the data for the reporting year, the average balance of the enterprise's working capital amounted to 800 thousand rubles, and the cost of products sold during the year at the current wholesale prices of the enterprise amounted to 7,200 thousand rubles.

Determine the turnover ratio, the average duration of one turnover (in days) and the coefficient of consolidation of working capital.

• To turnover = 7200 / 800 = 9
• Average turnover time = 365 / 9 = 40.5
• K securing collective funds = 1/9 = 0.111

Task

For the reporting year, the average balance of the enterprise's working capital was 850 thousand rubles, and the cost of products sold during the year was 7,200 thousand rubles.

Determine the turnover ratio and the working capital consolidation ratio.

• Turnover ratio = 7200 / 850 = 8.47 revolutions per year
• Consolidation coefficient = 850 / 7200 = 0.118 rubles of working capital per 1 ruble of products sold

Task

Cost of products sold in previous year amounted to 2000 thousand rubles, and in reporting year compared to the previous year increased by 10% with a reduction in the average duration of one turnover of funds from 50 to 48 days.

Determine the average balance of working capital in the reporting year and its change (in%) compared to the previous year.

Solution

• Cost of products sold in the reporting year: 2000 thousand rubles * 1.1 = 2200 thousand rubles.

Average balance of working capital = Volume of products sold / Turnover

To turnover = Duration of the analyzed period / Average duration of one turnover

Using these two formulas we derive the formula

Average balance of working capital = Volume of products sold * Average duration of one turnover / Duration of the analyzed period.

• Average balance of average in the previous year = 2000 * 50 / 365 = 274
• Average balance Total average in the current year = 2200 * 48 / 365 = 289

289/274 = 1.055 In the reporting year, the average balance of working capital increased by 5.5%

Task

Determine the change in the average working capital retention ratio and the influence of factors on this change.

K consolidation = average working capital balance / cost of goods sold

• To consolidate the concern, the base period = (10+5) / (40+50) = 15 / 90 = 0.1666
• To assign to the concern reporting period = (11+5) / (55+40) = 16 / 95 = 0.1684

Index general change consolidation coefficient

• = CO (average balance)_1 / RP (sold products)_1 - CO_0/RP_0 = 0.1684 - 0.1666 = 0.0018

Index of change in the consolidation coefficient from changes in the average balance of working capital

• = (SO_1/RP_0) - (SO_0/RP_0) = 0.1777 - 0.1666 = 0.0111

Index of change in the consolidation coefficient from changes in the volume of products sold

• = (SO_1/RP_1) - (SO_1/RP_0) = -0.0093

The sum of the individual indices must equal the total index = 0.0111 - 0.0093 = 0.0018

Determine the general change in the balance of working capital, and the amount of released (involved) working capital as a result of changes in the speed and change in sales volume.

• Average change in working capital balance = 620 - 440 = 180 (increased by 180)

General index of changes in the balance of working capital (CO) = (RP_1*continued 1.turnover_1 / days in the quarter) - (RP_0*continued 1.turnover_0 / days in the quarter)

• Duration of 1 turnover in the reporting quarter = 620*90/3000 = 18.6 days
• Duration of 1 revolution in the previous quarter = 440*90/2400 = 16.5 days

Index of changes in operating assets from changes in the volume of products sold

• = RP_1*prod.1ob._0/quarter - RP_0*prod.1ob._0/quarter = 3000*16.5/90 - 2400*16.5/90 = 110 (increase in the balance of working capital due to an increase in the volume of products sold )

Index of changes in operating assets from changes in the turnover rate of working capital

• = RP_1*cont.1ob._1 / quarter - RP_1*cont.1ob._0/quarter = 3000*18.6/90 - 3000*16.5/90 = 70

Circulation of working capital. Turnover indicators.

Working capital is in constant motion. The circulation of capital covers three stages: procurement, production and sales.

Any business starts with a certain amount of cash, which is invested in a certain amount of resources for production.

At the production stage, resources are embodied in goods, works or services. The result of this stage is the transition of working capital from the production form to the commodity form.

After the sale of the produced product, working capital from the commodity form again passes into money. The sizes of the initial amount of money and proceeds from the sale of products (works, services) do not coincide in size. The resulting financial result of the business (profit or loss) explains the reasons for the discrepancy.

The time required for a complete turnover of working capital is called turnover time (period) working capital.

The time (duration) of turnover of working capital is one of the indicators turnover. Another indicator of turnover is the turnover ratio.

Turnover ratio- this is the number of revolutions that working capital makes over a certain period; it is calculated using the formula

Where R– volume of products sold for the period under review; OS– the average amount of working capital for the same period.

The time (duration) of turnover is usually called turnover in days. This indicator is determined by the formula

Where D– the number of days in a given period (360, 90, 30); TO about– turnover ratio.

After substituting the corresponding quantities into the formula, you can obtain a detailed expression for the turnover indicator:

At each stage of the circulation of working capital, it is possible to determine the private turnover of each element of working capital:

Partial turnover indicators can be calculated based on specific turnover. A special turnover for material inventories is their consumption for production, for work in progress - the receipt of goods at the warehouse, for finished products - shipment, for shipped products - their sale.

Average for the period, the amounts of working capital used in calculating turnover indicators are determined using the average chronological formula. The average annual amount (average annual working capital balances) is found as the arithmetic average of four quarterly amounts:

The quarterly average amount is calculated as the average of three monthly averages:

The expression used to calculate the average monthly amount has the form

The amount of working capital at the disposal of the enterprise must be large enough so that the circulation process is not interrupted. At the same time, the presence of excess working capital negatively affects the results of its activities.

Rationing of working capital

Sources of working capital formation (WCF) are divided into two types

1.Own OBS:

n working capital (funds from the owners of the enterprise);

n profit is the main source;

n stable liabilities (funds equivalent to own):

Wages arrears;

Debt to the budget;

Debt for packaging;

Prepayment.

2. Funds raised:

¨ borrowed ( short-term loans jar);

¨ state loan;

¨ other (remains of funds, reserves not used for their intended purpose).

To ensure uninterrupted production and sale of products, as well as for the effective use of working capital at enterprises, their rationing is carried out. With its help, the overall need of the enterprise for working capital is determined.

Consumption standards are considered to be the maximum permissible absolute values ​​of consumption of raw materials, fuel and electrical energy for the production of a unit of product.

Rationing the consumption of certain types of material resources requires compliance with certain scientific principles. The main ones should be: progressiveness, technological and economic feasibility, dynamism and ensuring a reduction in standards.

In practice, three methods of rationing working capital are used:
1) analytical- provides for a thorough analysis of available inventory items with the subsequent extraction of excess items from them;

2) coefficient- consists in clarifying the current standards of own working capital in accordance with changes in production indicators;
3) direct counting method- scientifically based calculation of standards for each element of regulated working capital.

When establishing norms and standards for the planned year, it is recommended to use the experimental-statistical and calculation-analytical method.

Working capital norm- the value corresponding to the minimum, economically justified volume of reserves. It is usually set in days.

OS standard- the minimum required amount of funds to ensure the continuity of the enterprise.

The OS norm (N a.os) is determined by the formula:

N a.os = Z tech + Z str + Z tran + Z tech + P r,

where Z current is the current stock (the main type of stock, the most significant value in the OS norm); 3 pages - safety stock;

Z tran - transport stock;

Z techn - technological stock;

P r - time required for acceptance.

The current stock is determined by the formula:

where C p is the cost of delivery;

I is the interval between deliveries.

Safety stock (the second largest type of stock) is determined by the formula:

Transport stock is defined as the excess of cargo turnover time (the time it takes to deliver goods from the supplier to the buyer) over the document flow time.

Technological stock is the time required to prepare materials for production.

The OBS standard is determined by the formula:

Nobs= P * Na.os,

where P is the average daily consumption of working capital;

N a.os - OBS norm.

The OBS standard can also be found using the formula:

where B is the consumption (output) for the OBS element for the period (rub.);

T - duration of the period (days);

N a.os - working capital norm for an element (days).

Working capital standard in production inventories defined:

Z av.s * N z,

where З ср.с – average daily consumption in value terms;

N s - stock norm in days.

Standardization of fixed assets in work in progress (N np) is carried out according to the formula:

N np = VP avg. * P c * K,

where VP avg – average daily output at production cost;

P c - duration of the production cycle;

K is the coefficient of increase in costs, which, with a uniform increase in costs, is determined by the formula:

where F e - one-time costs;

F n - increasing costs;

C - cost.

With an uneven increase in costs

K = CWed/P

where C av is the average cost of a product in work in progress;

P is the production cost of the product.

Working capital standard for deferred expenses (N b.p.) is determined by the formula:

N b.p. = RBP beginning + RBP pre – RBP s,

where RBP beginning is the carryover amount of deferred expenses at the beginning of the planned year;

RBP pre - deferred expenses in the coming year, provided for in the estimates;

RBP c - deferred expenses to be written off against the cost of production for the coming year.

Working capital standard in finished product balances defined:

N g.p = VGP days. * N W.skl. ,

where is VGP day. - cost of one-day production of finished products;

N z.skl - the norm of their stock in the warehouse in days.

The total working capital standard is the sum of working capital standards calculated for individual elements.

Indicators of efficiency of use of working capital

The most important indicators of the efficiency of using working capital are the turnover ratio, the duration of the turnover of working capital and the load factor of working capital.

The working capital turnover ratio characterizes the number of turnovers of working capital during a certain period.

where B is sales revenue (volume of products sold), rub.;

ObS - average annual cost of working capital, rub.

Average annual working capital balance calculated by the formula

where ObS0 is the amount of working capital at the beginning of the period, p.

ObСn is the amount of working capital on the nth date, rub.

n is the number of dates under consideration.

Example. Determine the average annual cost of working capital. The amount of working capital as of January 1 is 100 thousand rubles; April - 130 thousand rubles; July 1 - 115 thousand rubles; October 1 - 135 thousand rubles; December 31 - 140 thousand rubles.

Solution: ObS= (0.5*100+130+115+135+0.5*140)/(5-1)=125 thousand rubles.

The turnover ratio is often referred to as the turnover rate. From formula 4.8 it is clear that it shows how many rubles of products are per ruble of working capital. If the turnover ratio does not change, then the need for working capital increases in direct proportion to the growth of revenue.

Turnover ratio– this is the main indicator of the efficiency of using working capital.

The higher the turnover ratio, the higher the efficiency of using working capital, since more products are removed from one ruble of working capital. If the volume of production does not need to be increased, then the faster the circulation of working capital is carried out (that is, the higher the value of the turnover ratio), the less may be the amount of resources diverted to service reproduction.

Example. Determine the turnover of working capital for the previous example and the amount of absolute release of working capital if the turnover rate increases by 1.2 times. The volume of products sold is 600 thousand rubles.

Solution. Cob = 600/125 = 4.8. The absolute release is calculated using the formula

ObS abs = ObSb – ObSpl, (4.10)

where Ob WITH pl – planned value of working capital, rub.;

ObSb – basic value of working capital, rub.

ObSpl = 600/(4.8 × 1.2) = 104.2 thousand rubles.

Release amount = 125-104.2 = 20.8 thousand rubles.

The inverse indicator of the turnover ratio is the working capital consolidation ratio.

Consolidation factor(K fixed) shows the amount of working capital per ruble of products sold.

Duration of turnover - the period of time during which working capital makes one complete circuit .

Duration of turnover calculated by the formula:

, (4.12)

where F is the duration of the calendar period, days;

Kob – turnover ratio for period F.

The duration of the calendar period is taken in round numbers - 360 days per year, 90 per quarter, 30 per month.

When the duration of the turnover is reduced, working capital is released from circulation, and vice versa - an increase in the duration of the turnover causes the need for additional funds.

Accelerating the turnover of working capital always leads to a relative release of working capital.

The relative release of working capital is calculated using the formulas:

ObS from = ObSb× IV-Oppl., (4.13)

ObS from=(Db-Dpl)× Vpl/F, (4.14)

where Iv is the index of growth in the volume of products sold in the plan year compared to the base year;

Db, Dpl – the duration of turnover in the base and plan years, respectively;

Vpl – volume of products sold in the planned year.

Example. Determine the absolute and relative release of working capital in the planning year.

In the reporting year, the amount of working capital was 100 thousand rubles with a sales volume of 400 thousand rubles. It is planned to increase sales volume by 25% and reduce the duration of working capital turnover by 10 days.

Solution:

Iv = (100+25)/100 = 1.25

Db = 360 × 100/400 = 90 days. Dpl=90 – 10 = 80 days

ObSpl = 80 × 400 × 1.25/360 = 111 thousand. r.

ObS abs = 100-111 = -11 thousand. r.

Thus, there was no absolute release of working capital in the planning year, but on the contrary, working capital increased by 11 thousand rubles.

ObSot=(90-80)*400*1.25/360=13.9 thousand rubles.

The relative release of working capital in the planning year amounted to 13.9 thousand rubles.

EFFECTIVENESS OF USE OF WORKING CAPITAL

Performance indicators for 2008:

Kob = 95178 thousand rubles. / 24502 ​​thousand rubles. = 3.9 rev.

Kz = 24502 ​​thousand rubles. / 95178 thousand rubles. = 0.3

D = 365 days / 3.9 revolutions. = 94 days

Performance indicators for 2009:

Kob = 143099 thousand rubles. / 37822 thousand rubles = 3.8 rev.

Kz = 37822 thousand rubles. / 143099 thousand rubles. = 0.3

D = 365 days / 3.7 = 99 days

Release of ObS = (95,178 thousand rubles / 3.9 rev.) - (95,178 thousand rubles / 3.8 rev.) = - 642 thousand rubles.

Performance indicators for 2010:

Kob = 227546 thousand rubles. / 93304 thousand rubles. = 2.4 rev.

Kz = 93304 thousand rubles. / 227546 thousand rubles = 0.4

D = 365 days / 2.4 = 152 days

Release of ObS = (143,099 thousand rubles / 3.8 rev.) - (143,099 thousand rubles / 2.4 rev.) = - 21,967 thousand rubles.

According to the calculations, we can conclude that in 2009 working capital was used more efficiently than in 2010 (Kob 2009 > Kob 2010, Kz 2009

But, if we consider only 2010, then working capital was used effectively.

References:

1. Gribov V.D. Economics of enterprise: textbook. allowance / V.D. Gribov, V.P. Gruzinov. - 3rd ed., revised. and additional - M.: Finance and Statistics, 2003.

2. Gruzinov V.P. Economics of enterprise (entrepreneurship): a textbook for universities / V.P. Gruzinov. - 2nd ed., revised. and additional - M.: UNITY-DANA, 2002.

3. Zaitsev N.L. Economics of an industrial enterprise: textbook. allowance / N.L. Zaitsev. - M.: INFRA-M, 2001.

4. Kovalev V.V. Introduction to financial management / V.V. Kovalev. - M.: Finance and Statistics, 2003.

5. Kovaleva A.M. Firm finance: textbook / A.M. Kovaleva, M.G. Lagusta, L.G. They'll mow it down. - M.: INFRA-M, 2000.

6. The concept of the development of domestic trade in consumer goods: tasks, solutions: collection. scientific reports - practical seminar. - Krasnoyarsk: Univers, 2000.

7. Chuev I.N. Enterprise economics: textbook / I.N. Chuev. - M.: Dashkov and Co., 2003.

8. Yurov V.F. Profit in market economy: questions of theory and practice / V.F. Yurov. - M.: Finance and Statistics, 2001.

9. Economic analysis: textbook for universities / L.T. Gilyarovskaya, G.V. Kornyakova, N.S. Plaskova and others; edited by L.T. Gilyarovskaya. - M.: UNITY-DANA; 2001.

10. Economics and organization of activities of a trading enterprise: textbook. allowance / under general ed.A.N. Solomatina. - M.: INFRA-M, 2000.

When studying the performance of an organization and analyzing its performance, indicators are used both for a specific date and for a certain period of time. These indicators can be used to calculate various kinds of coefficients. For example, it is determined by dividing profit for the period by the value of assets. However, it would not be entirely correct to attribute profit, for example, for the year to the value of assets at the end of the year, because then the dynamics of assets during the year are not taken into account. To “soften” fluctuations in the value of assets on a specific date, their average value. And in the return on assets formula, profit is divided not by the value of assets on a specific date, but by the average value of assets. Similarly, it is determined by dividing revenue for the period by the average amount of assets for the same period. We will tell you how to find the average amount of assets on the balance sheet in our material.

Average assets are...

There may be different options for determining the average value of assets. The simplest option The average value of assets is the arithmetic average of their value at the beginning and end of the year.

However, the average value can be determined differently.

Let us recall, for example, how the average value of property, recognized as an object of taxation for property tax, is calculated at the end of the year (clause 4 of Article 376 of the Tax Code of the Russian Federation):

And SG = (OS 01.01 + OS 01.02 + OS 01.03 + ... + OS 01.12 + OS 31.12) / 13,

where OS 01.01, OS 01.02, OS 01.03, ...OS 01.12, OS 31.12 - the residual value of the property as of 01.01, 01.02, 01.03, ...01.12, 31.12 of the current year, respectively.

Thus, to determine average assets, the formula will depend on how high the frequency of certain averaged data is: indicators can be either daily or quarterly, etc.

However, for the purposes of balance sheet analysis, the average annual value of assets is defined as the average of their values ​​at the beginning and end of the year.

Average assets on balance sheet

The average annual value of assets in the balance sheet (A SG) is determined by the formula (Order of the Ministry of Finance dated July 2, 2010 No. 66n):

A SG = (line 1600 NG + line 1600 KG) / 2,

where line 1600 NG is the amount on line 1600 as of December 31 of the previous year;

line 1600 KG - the amount on line 1600 as of December 31 of the reporting year.

At the same time, the average value of individual groups or types of assets can be separately calculated from the balance sheet. For example, the average value of non-current assets or the average value of inventories, etc.

The company's assets are the value expression of the resources that support the production process. The company's property complex includes outside current assets(administrative and industrial buildings, equipment, machines, vehicles), as well as working capital, the structure of which includes such types of property as:

Money in cash and in bank accounts;

Inventories - inventory, raw materials, manufactured products, goods for sale and other materials;

Debts from debtors for services/goods supplied but not yet paid for;

Short-term financial investments and other assets.

All current assets are accumulated in the second section of the balance sheet and are considered as current assets, that is, participating in turnover.

The article will discuss such a concept as the average annual cost of working capital. Let's find out how this indicator is calculated and what it means.

Working capital on the balance sheet

As already noted, in the balance sheet hierarchy, current assets are collected in the second section of the BO-1 report. Each type of property has a separate line:

▪ 1210 - MPZ;

▪ 1220 - VAT on acquired property;

▪ 1230 - obligations of debtors;

▪ 1240 - Fin. attachments;

▪ 1250 - cash, cash equivalents;

▪ 1260 - others.

The total final cost of working capital is recorded in line 1200 of the balance sheet. It accumulates the absolute value of cash balances in the company for each position at the beginning of a given analyzed period and its end. In accounting, the value of assets on the balance sheet is called book value.

Book value of property

Economists analyze book value based on research objectives. For example, when it is necessary to find out the size of the balance of property as a whole for a section or for each position separately, determine the dynamics (growth or decrease in the value of assets) and based on comparison absolute indicators draw conclusions about the state of working capital on a certain date. In addition to internal users of information available in financial statements, companies are obliged to inform various external users - founders, creditors, insurers, investors, providing them with various information, including the availability of assets.

Where is the book value used?

Information on the book value of assets is very necessary when analyzing the business activities of a company - the main tool in assessing the production and financial condition of the company. Using this indicator, intra-company coefficients are calculated:

▪ return on assets, which determines the amount of profit received for each ruble invested in the purchase of raw materials and production;

▪ asset turnover, indicating the efficiency of their use.

By comparing the initial and final values ​​that determine value, the economist can draw conclusions about the growth or decline in the amount of current assets in in monetary terms for a given period, determine relative values ​​characterizing the growth rate of indicators for each line of the second section of the balance sheet. However, the figures only provide information about the availability of property on a certain date, not always reflecting the real picture, since in the life of an enterprise the intensity of work is not the same, and this leads to uneven purchases and consumption of working capital, for example, in companies that depend on seasonality cycles.

It is more expedient to analyze the state of assets over short periods of time or calculate an indicator such as the average annual cost of working capital. The value of this indicator is calculated to make many economic calculations.

Why is the average annual cost of working capital calculated?

A detailed analysis of changes in the structure and composition of property, including working capital, is impossible without calculating the average value of property for the year. How is the average annual cost of working capital calculated? Analysts turn to balance sheet line 1200, and if it is necessary to calculate any one type of property, for example inventory, to the line corresponding to this position. The calculation formula is:

O av = (O n + O k) / 2,

where O n - the amount of working capital at the beginning of the analyzed period, O k - at the end of the period, 2 - the number of reporting dates.

Calculation example

Let's look at an example of how the average annual cost of working capital is calculated (balance sheet formula). The initial data is presented in the table of balance sheet values ​​of working capital.

Let's calculate the value using the above formula based on balance data:

About av = (8411 + 9300) / 2 = 8856 thousand rubles. - the average current assets for the year (line 1200 in the balance sheet) amounted to 8856 thousand rubles.

Using the same calculation algorithm, the average annual cost of material working capital (thousand rubles) is calculated by position:

▪ inventories (line 1210) - O av = (5200 + 5450) / 2 = 5325 thousand rubles;

▪ VAT on purchased materials - O av = (242 + 210) / 2 = 226 thousand rubles;

▪ accounts receivable- O av = (510 + 620) / 2 = 565 thousand rubles;

▪ cash - O av = (2460 + 3020) / 2 = 2740 thousand rubles.

The average annual cost of working capital, the calculation formula for which is presented in the review, is used by economists to calculate coefficients demonstrating the financial condition of the company, the level of stability, as well as determining the reasons (positive and negative) that led to changes. Based on the analysts' findings, the company's management makes decisions on the further management of available resources.

Formula for calculating the average chronological

A type of arithmetic average, which includes value, is the chronological average, calculated from the totality of values ​​at different moments or for different periods of time.

In mathematics, it is used to find the average level in time series. In accounting, the chronological average characterizes in more detail the value of an individual asset at equal intervals of time. The calculation formula is:

О ср/хр = (½ x О 1 + О 2 + О 3 + ….+ О n -1 x ½) / n-1, where

O - balance as of a certain date, n - number of reporting dates.

Calculation of the average chronological

Returning to the example presented above, let’s supplement the initial data on the cost of inventory at the beginning of each month:

Let's calculate the average chronological average for the oil reserves quarterly for 2016:

1 sq. О avg/hr = (1/2 x 5200 + 4960 + 5460 + ½ x 5530) / 4-1 = 5261.66 thousand rubles;

2 sq. O av/hr = (1/2 x 5530 + 5360 + 4980 + ½ x 4890) / 4-1 = 5183.33 thousand rubles;

3 sq. O avg/hr = (1/2 x 4890 + 4780 + 4980 + ½ x 5180) / 4-1 = 4931.66 thousand rubles;

4 sq. O av/hr = (1/2 x 5180 + 5450 + 5550 + ½ x 5450) / 4-1 = 5438.33 thousand rubles;

Thus, the average amount of inventories for the 1st quarter is 5261.66 thousand rubles, for the 2nd - 5183.33 thousand rubles, for the 3rd - 4931.66 thousand rubles, for the 4th - 5438 .33 thousand rub. By analyzing the resulting numerical series, the economist can draw a conclusion about the availability of reserves in each quarter and establish the dynamics of changes depending on the company’s activities or industry affiliation. By calculating the average chronological value, the values ​​of the indicators are undoubtedly more accurate. These values, used in economic calculations, provide the most realistic figures. This is important primarily for internal users - company management. External users are quite satisfied with absolute indicators of the book value of assets.

Calculation of turnover ratio

A general indicator of the use of working capital in a company is the turnover ratio, defined as the ratio of turnover (revenue) to the average cost of working capital for the year:

To r/p = B: About avg, where B is revenue, About avg is the average annual cost of working capital. The formula demonstrates the number of completed turnovers of the average balance of funds invested in current assets during the production process.
Using the above example and supplementing it with information from the Profit and Loss Statement on the amount of revenue (326,000 thousand rubles), we calculate the turnover ratio:

K rev = 326,000 / 8856 = 36.8 times, i.e., over the course of a year, the funds invested in production in the amount of the average balance turn over 36.8 times.

In addition, turnover is calculated in days, i.e., they find out how many days the company will receive revenue equal to the average annual cost of working capital. The calculation is carried out according to the formula:

K rpm = 365 / K rpm.

K rpm = 365 / 36.8 = 9.92 days will be required for the company to receive revenue in the amount of the average cost of working capital for the year.

Normal value of coefficients

There are no general standard values ​​for turnover values.

Ratios are usually analyzed over time or in comparison with similar industry companies. We only note that a very low ratio indicates excessively accumulated working capital assets, which should intensify efforts to increase the liquidity of assets.